Convatec for sale

http://www.firstwordmedtech.com/node/969007

 

After some recent conversations, my gut tells me there is no, let me repeat NO buyers from MMM and this is just Convatec tossing a thread ( rumor) out there in attempts to falsely inflate their image and quell the unrest in the company. The IPO option is not their preferred exit strategy and we all know that. With all their potential buyers a no show, they had to come up with another POA and explanation to the employees that are barely hanging in every day.

Such a joke across the industry. The only people that have not yet left would not stay if they knew there was no actual buyer or buyers lining up. Now that we know Medtronics backed away and no one is coming to save the stragglers, it's time to make our own exit strategy. If you really want to hang around for the long process to go public and consider that MV wants to stay on, well good luck to you all, I am out of here. This is all smoke and mirrors to the spiral that started years ago. God, this management team could be out maneuvered by 12 year olds.

 

This article is hilarious and I agree with the other poster in that this is Convatec's way to hopefully slow the bleed of distrust that has spread throughout the company as well as offer some people still standing a thread of hope, even if it is such a thin thread. They really have no other options then to put stuff out there like this. Read this slowly and carefully - it says nothing just the same old stuff they want employees to hear. Really, we are for sale....for the right price. Problem is, no one is coming around at their "right price". This is way too funny and if you are desperate enough to buy into it, well you deserve the continued pain. My competitor representatives have had discussions with me and have actually offered me connections to other potential openings with respected companies. It is clear to me it is time.....time to know I am worth more that this ridiculous banter. They think we are clueless.

 

Very well said, it's true and very transparent. What a total and epic fail for these money hungry leaches willing to do just about anything to recieve there allotment. Shame on you and anyone willing to sell there souls for money.

 

Motive of this press release unbelievably transparent. Is this really the best you can do? Everybody's laughing.But the reality is that this whole debacle is quite sad.

Judgement day is going to be a bit-h for these characters. Glad to be gone.

 

When was Medtronic looking at buying us? I thought it was Medline?

 

By 8 year olds

 

No one is going to buy Convatec because no one is stupid enough to pay $8B for this mess. IPO makes no sense either as there is clearly no growth here. The owners already have an annuity. No sense in sharing it with anyone dumb enough to buy shares in a company whose stock will only go down. Plus the recidivist offender FDA situation will need to be addressed before any serious investor would plunk down a dime. Con and con again but you cant fool all of the people all of the time.

 

There are tax benefits to having a UK based company. Due to the footprint that ConvaTec has in the UK, it would likely qualify. Therefore it would make sense for a company that wanted to establish that footprint to acquire ConvaTec.

 

The UK tax advantage could make Convatec more attractive, but not at the price they need to get. That is the real problem. It seems that beyond the FDA Flexi Seal issue, we will need to appear more profitable by way of more consolidation, increase sales and stop spending stupid money. I see so much waste and just poor decisions on budget allocation by RSM and VP level alone. I understand to some degree as the people making decisions have very little experience, and just do not know what they don't know. Let's all fly across the country to have a one day meeting. Brilliant!

 

Momma says stupid is as stupid does.....and Berger, Valentard, et al have CLEARLY cornered the market on this commodity!!

 

Consolidation? There is NOTHING left to cut. I was let go during the last "consolidation". Looking in the rear-view mirror, there is no marketing team left , no sales support left (or any experienced sales people left for that matter). How can they "increase sales"with a few entry-level sales people that don't know the business or the customers? (Oh, I guess the SAD team and channel team---let's not forget the inside sales team will grow the business for them).

Who made the decision to cut off the legs and ask the patient to run? I'm afraid they're at the point of diminishing returns with respect to cutting.

 

They very well could always consolidate a little more and save on other overhead:

Allow other business unit TMs to represent FMS in territories that are currently open.
Do not fill open territories but realign surrounding territories to cover the gaps.
Ditto on RSMs - downsize that group by combining regions as well as having all business units under one RSM. (We do not need dedicated Ostomy RSMs, just combine all Business Units under 1 RSM.)
Reduce various bonus compensation / raise qualifiers. Reduce Ostomy overlay payouts.
Manage expenses
Reduce special contests etc.

I am not saying these are all good options, although a couple would make sense. Too many managers to justify the expense.

 

Delete the SADs

 

Agreed. The main one I work with has such an ego, which would be ok if she actually knew what she was doing. Not sure what her background is but way over employed in current role.

 

$200K/SAD. for what? To call the TMs in order to get info to put on a spread sheet? Whose laughing? The Avista/Nordic shareholders?

 

SAD - Strategic Area Dipshit

 

Have not heard a peep from our leaders about those buyers lining up or the revised exit plan. Only that gas cards are being rejected and payments to corporate credit cards being delayed. When will we have another payroll "glitch"

 

Like watching a rotting carcass in its final twitching death throes....

 

What's going on behind the scenes lately everyone seems exceptionally stressed out? I know the rankings posted I'm guessing this has something to do with it.